TIDMAEXG
RNS Number : 7146D
AEX Gold Inc
01 July 2021
("AEX" or the "Company")
New exploration licence application and Nalunaq EIA/SIA
update
TORONTO, ONTARIO - JULY 1, 2021 - AEX Gold Inc. (AIM: AEXG;
TSXV: AEX), an independent gold company with a portfolio of
exploration licences in Greenland is pleased to announce that it
has applied for a new exploration licence in the Kobberminebugt
region of South Greenland covering an area of approximately 266
km2. The Company will make further announcements in relation to the
status and potential award of this application in due course.
The area hosts numerous copper-gold showings including the small
past-producing Josva copper mine, which was last worked in 1914
with reported grades up to 5% Copper, 1.5 g/t Gold and 250 g/t
Silver. Copper mineralisation discovered to date is found within
volcanic and sedimentary sequences as disseminated stratabound
sulphides, and locally enriched into layers due to strong folding
or in quartz veins and breccias. Sulphide concentrations vary from
1-50% volume depending on the style of mineralisation. Some
showings can be followed for several hundred metres along strike
with widths of up to several metres.
Mineralisation has been interpreted as Iron-Oxide-Copper-Gold
(IOCG) style by the Geological Survey of Denmark and Greenland
(GEUS). The new licence is located approximately 100 km west of
AEX's Sava exploration project, (formerly known as Kangerluarsuk),
which is targeting granite hosted IOCG mineralisation in the
Julianehåb granitic batholith. AEX believes that the region is
underexplored for IOCG deposits and shows many geological
similarities to the IOCG province of northern Sweden, which hosts
several operating mines.
References to figures and tables relate to the version visible
in PDF format on the website by clicking the link below:
https://www.aexgold.com/investors/regulatory-news-alerts/#tsx-news
Nalunaq Update
Following the announcement on June 7, 2021 noting that a team of
geologists and drilling engineers had arrived on site and were
commencing work to further develop the Company's understanding of
the area to the south-west of the deposit, AEX is pleased to report
that construction of the expanded temporary camp and new
exploration camp to support these activities is progressing well.
The exploration team has also commenced the drilling programme at
Valley Block, the results of which will be announced to the market
over the coming months.
In addition, the authorities in Greenland continue to review
drafts of the Environmental Impact Assessment ("EIA") and Social
Impact Assessment ("SIA") covering the Nalunaq project. The Company
continues to have a constructive dialogue with the Government as we
work towards finalising these reports ahead of public consultation
later this year.
Figure 1 - The new temporary camp
Figure 2 - Illustration of the close proximity of the temporary
camp (right) and the construction of the exploration camp
(left)
Figure 3 - Drilling at Nalunaq project
Naaja H. Nathanielsen, Minister for Housing, Infrastructure,
Mineral Resources and Gender Equality states:
"The Government is pleased that AEX is expanding their
activities in Greenland and is looking forward to seeing the
projects move forward."
Eldur Olafsson, CEO of AEX Gold, commented:
"I am very pleased to announce that we have applied for this new
exploration licence in South Greenland, which if granted, will
further expand our footprint in this exciting and wholly
underexplored area. In addition to growing our land package, the
licence would continue to grow our holding of assets with
attractive strategic metal potential, in this case copper.
Historical mining can be good evidence for a significant mineral
system, which also adds to the attractiveness of this
application.
"We continue to work closely and collaboratively with the
Greenland government in order to build a sustainable mining sector
in Greenland."
Enquiries:
AEX Gold Inc.
Eldur Olafsson, Director and CEO
+354 665 2003
eo@aexgold.com
Eddie Wyvill, Investor Relations
+44 (0) 7713 126727
ew@aexgold.com
Stifel Nicolaus Europe Limited (Nominated Adviser and
Broker)
Callum Stewart
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600
Camarco (Financial PR)
Gordon Poole
Nick Hennis
+44 (0) 20 3757 4980
For Company updates:
Follow @AexGold on Twitter
Follow AEX Gold Inc. on LinkedIn
Further Information:
About AEX
AEX's principal business objectives are the identification,
acquisition, exploration and development of gold properties in
Greenland. The Corporation's principal asset is a 100% interest in
the Nalunaq Project, an advanced exploration stage property with an
exploitation license including the previously operating Nalunaq
gold mine. The Corporation has a portfolio of gold assets covering
3,870km(2) , the largest portfolio of gold assets in Southern
Greenland covering the two known gold belts in the region. AEX is
incorporated under the Canada Business Corporations Act and wholly
owns Nalunaq A/S, incorporated under the Greenland Public Companies
Act.
Forward-Looking Information
This press release contains forward-looking information within
the meaning of applicable securities legislation, which reflects
the Corporation's current expectations regarding future events and
the future growth of the Corporation's business. In this press
release there is forward-looking information based on a number of
assumptions and subject to a number of risks and uncertainties,
many of which are beyond the Corporation's control, that could
cause actual results and events to differ materially from those
that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not
limited to the factors discussed under "Risk Factors" in the Final
Prospectus available under the Corporation's profile on SEDAR at
www.sedar.com. Any forward-looking information included in this
press release is based only on information currently available to
the Corporation and speaks only as of the date on which it is made.
Except as required by applicable securities laws, the Corporation
assumes no obligation to update or revise any forward-looking
information to reflect new circumstances or events. No securities
regulatory authority has either approved or disapproved of the
contents of this press release. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Qualified Person Statement
The technical information presented in this press release has
been approved by James Gilbertson CGeol, who is a full-time
employee and Managing Director of SRK Exploration Services Limited
and a Chartered Geologist with the Geological Society of London,
and as such a Qualified Person as defined by NI 43-101.
Inside Information
This announcement does not contain inside information for the
purposes of Article 7 of the UK version of Regulation (EU) No.
596/2014 on Market Abuse ("UK MAR"), as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018,
and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").
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